HE 2757 


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AN ADDRESS 


MR. DANIEL WILLARD 

President of The Baltimore & Ohio Railroad Company 


AT A DINNER GIVEN 
BY THE 

CITIZENS OF BALTIMORE 


TO THE 

VISITING GOVERNORS OF SOUTHERN AND WESTERN 
STATES AND RAILROAD OFFICIALS AT HOTEL 
BELVEDERE, FRIDAY EVENING, 
DECEMBER 8, 1911. 












Jill 

. -wv 

ADDRESS BY MR. DANIEL WILLARD 

President of The Baltimore & Ohio Railroad Company 

At a Dinner given by the Citizens of Baltimore to the 
Visiting Governors of Southern and Western 
States and Railroad Officials at Hotel 
Belvedere, Friday Evening, 

December 8, 1911. 


Mr. Chairman—Distinguished and Honored Guests — Gentle¬ 
men: 

I appreciate very much the privilege of being permitted to 
join with others in giving voice at this time to the feelings of 
welcome which we all entertain for the many distinguished 
guests who have honored us with their company this evening. 
The w r ell known hospitality, however, for which Baltimore is so 
justly famous, needs no endorsement by me, but I cannot refrain 
from telling you how much we enjoy having you with us, and 
that we hope this is not the last time we may be so favored. 

The opportunity of addressing such a distinguished gathering 
as has assembled here this evening comes but rarely to the 
average individual, and I am not unmindful of the honor and 
the responsibility attaching to that privilege. The subject to 
which I shall devote myself is one which, in my opinion, has a 
very important bearing at this time upon the general question 
of industrial development—a question uppermost in the minds 
of many, if not all. 

We are greatly honored in having as our chief guests this 
evening the chosen Governors of fifteen American states. 
The duties with which they are charged, and the great re¬ 
sponsibilities which they must carry, together with the fact 
that they have been chosen by the free citizens of sovereign 
states to act for a period as their chief executives, entitle 
them to the distinguished consideration which it is our privilege 
as well as our pleasure to extend. But I take it they would 
wish us to understand that they are here primarily—not 
because they happen to hold high office, but rather because 
they are, first of all, citizens of our common country, and, as 


2 


such, intensely interested in its future growth and develop¬ 
ment, and the office which they have the honor to fill, affords 
them certain great and fortunate opportunities for usefulness 
in that connection. 

I also, whatever else I may happen to be, am, first of all, a 
citizen of our country, and I am also deeply interested in its 
future, and what I shall say at this time, with your permission, 
will be said from that particular point of view. 

It is my understanding that today’s conference grows out 
of a widespread feeling that more can and should be done to 
encourage immigration, and promote industrial development 
in the United States. As a citizen, and as a railroad execu¬ 
tive, I am heartily in accord with that desire. 

It has come about in recent years that the railroad is no 
longer considered a private enterprise as was once the case, 
but is generally recognized as a quasi-public undertaking, 
charged with the performance of very important public duties, 
but at the same time indebted to private capital for its very 
existence. Its officers and employes are also looked upon as 
semi-public servants, and are held to a dual accountability. 
This arrangement may or may not be desirable; we may or may 
not like it; I have simply stated the facts. In the twofold 
position of public servant and also trustee of private interests, 
in which I, as a railroad executive, find myself, this thought 
naturally occurs to me. In what way and to what extent will 
the railroad be required or expected to contribute towards 
this greater development which you are seeking to promote? 
With your permission, I shall quote what some others have 
said in that connection. Lord Bacon, writing more than 300 
years ago, said: 

“There be three things which make a country 
great and prosperous—a fertile soil, busy work 
shops and easy conveyance for men and things 
from place to place.” 

The venerable Charles Carroll of Carrollton, who, in this 
city, on the 4th of July, 1828, cast the first spadeful of earth 
which marked the begining of the first American railroad 
chartered to do a general freight and passenger business, used 
these words: 

“I consider this among the most important 
acts of my life, second only to that of signing the 


3 


Declaration of Independence, if indeed second to 
that.” 

Messrs. Hoff and Schwabach, members of the German 
Privy Council, in an official report on American railroads, 
submitted in 1904, said the following: 

“If Germany, like the rest of the civilized 
nations of the old world, has grown stronger and 
gained new life through construction of railroads, 
the United States, at least what we include in 
this designation, has been actually created, 
properly speaking, by the building of railroads,” 

And Mr. Morrell W. Gaines, a well known student of eco¬ 
nomic questions, writing recently on the subject of railroads, 
said: 

“No other country is so dependent as ours on 
the railroads. The United States has 245,000 
miles of line—40% of the entire mileage of the 
world. Its tonnage of freight moving by rail is 
greater than that of any other two nations. 
Freight transportation per capita in the United 
States is thirty times the world’s average and nine 
times that of Europe. With inland coal, iron and 
grain, and land bound cities scattered across a 
continent, we live by means of railroads that we 
have built. In our material development they 
always have been and always will be, the prime 
force. The reclaimers of waste places, the 
builders of cities, the awakeners of opportunity— 
to our growth as a nation, their growth is still 
essential.” 

Many others—impartial students of affairs—have also 
testified just as strongly to the important function which the 
railroad has performed in the wonderful development of this 
country, as well as to its intimate relation with our future 
growth, and I believe that that fact is generally understood 
and admitted.^ You may then well ask—why discuss it? 
Because I am much afraid that the importance—I might 
rather have said the necessity, of ample and efficient trans¬ 
portation facilities in a country of such great distances as ours 
is in danger of being overlooked, if not altogether forgotten. 
Because in my opinion, its discussion has a most important 


4 


bearing upon the movement which this visit and conference 
is intended to promote, and because, it is po c ^ible that the 
next period of great industrial activity that comes to us may 
find the railroads utterly unable to carry thp greatly augmented 
burden imposed upon them, and, their partial failure to meet 
the situation in 1906 and 1907 has furnished a sufficient fore¬ 
taste of what that would mean. 

To my mind, there is not at this time a more serious or 
important question before us, than the one just stated, and much 
as I dislike to sound what may seem an alarming or disquieting 
note upon such an occasion as this, I should feel (believing 
as I do) that I had failed to properly meet the responsibilities 
of my position if I neglected at such a time to speak the truth 
as I see it. You may justly ask what are my reasons for 
believing, or perhaps I should say, for fearing that the railroads 
may fail to meet the requirements of the future—I shall en¬ 
deavor to explain: The steam railroad since its very first 
development has been and still is the best and cheapest known 
means for inland transportation, and while its great advantages 
were early recognized, it is a matter of history that shortly 
following its inception, complaints began to be heard concerning 
the manner in which the roads were managed. It was claimed 
that the roads, or those who managed them, did not treat all 
fairly and alike, which under the common law they were re¬ 
quired to do. It was said that some shippers were given 
rebates and others were not; that free transportation was 
improperly used; that charges collected and services rendered 
were not always upon an equitable basis; that the railroads 
exerted too great an influence upon political questions, and 
thus grew up what finally became known as “The Railroad 
Question.” 

The feeling aroused by the practices already referred to 
became very heated and led to much bitter discussion in the 
halls of Congress, on the rostrum and in the columns of the 
press, and finally found expression in numerous laws intended 
to regulate the carriers and correct the complained of evils. 
Notably among the laws passed by the Federal Congress 
during the period referred to is the Interstate Commerce Act, 
with successive acts amendatory thereto, and I believe it may 
be fairly said that the Interstate Commerce act as it stands 
today, is sufficiently broad and comprehensive to cover sub¬ 
stantially all of the practices originally complained of, and with 


5 


its administration resting in the hands of an able Commission, 
as is the case at present, it would seem that the people might 
now feel that their interests have been properly safeguarded, 
and there is good reason for believeing that they do so feel. 
This is perhaps best shown by the changed attitude of the 
press. Five years ago, out of 100 articles, taken from as many 
papers, having reference to the railroads, at least 65 would be 
found to be distinctly hostile to the roads, and the remaining 
35 indifferent or merely lukewarm in their support. Now a 
similar investigation would show at least 90 distinctly favorable 
to the roads, and practically none opposed. I doubt if record 
of a more sudden or complete change of public opinion, as 
indicated by the utterances of the press, can be found, and 
as far as that goes, it ought to be very gratifying to the railroads 
and their friends, and it is. Unfortunately the solution of a 
question of such magnitude is not simple, and while under a 
government such as ours all things must eventually adjust 
themselves in harmony with public opinion, the period of 
complete adjustment is frequently somewhat protracted. 

The American railroad as it is today is the result of private 
enterprise. It has been built up with funds voluntarily ad¬ 
vanced by those who have invested their money in railroads, 
for exactly the same reason that would have prompted them to 
invest in any other commercial or industrial undertaking; 
that is, the hope of private gain. There is no inherent difference 
in principle between the selfishness of the Railroad Stockholder 
and the selfishness or self interest of the Merchant or Manu¬ 
facturer; both seek to increase their profits and for exactly 
the same reasons. There is this difference however—it is now 
sought to establish a maximum return in the one case, and 
there is no fixed limit in the other. 

Mr. Louis D. Brandeis, in a recent article in the Engineering 
Magazine, wrote as follows: 

“To secure successful administration of any 
railroad, bhe rewards should be proportioned to 
the success. The establishment therefore of 
any rule fixing a maximum return on capital 
invested in railroads would tend to prevent 
efficiency by placing a limit on achievement. 

Today efficiency in management is in danger of 
being punished whereas it should be rewarded.” 


6 


He also says: 

“Large earnings are frequently accepted as 
evidence that rates are too high, and invite a 
demand for reduction, whereas in fact the large 
earnings may be due wholly to better judgment, 
greater efficiency and economy in administra¬ 
tion. To take from railroads the natural fruits 
of efficiency—that is, greater money rewards— 
must create a sense of injustice suffered, which 
paralyzes effort, invites inefficiency and pro¬ 
duces slipshod management.” 

While I find myself unable to agree fully with Mr. Brandeis 
in some things, I am heartily in accord with his views just 
quoted. The danger he foresees is a very real one. 

Today the 'presence of a surplus .above interest and dividend 
requirements as the result of a year’s operation, is looked upon 
in many quarters as evidence of such a degree of prosperity 
as to justify a reduction of rates, or an increase of wages, or 
both, and it has come about that the railroad is well nigh 
unable to effectively resist either . That this condition exists, 
every railroad officer present will, I believe, bear evidence. 

Railroad development in the past has been, and in the future 
will be, so long as the existing condition continues, largely a 
matter of interest on money so invested. The capital require¬ 
ments for the next five years will not be less than $500,000,000 
per year, and we have most excellent authority for believing 
that they may approach the enormous sum of $1,000,000,000 
per annum. The Baltimore and Ohio Railroad Company, 
during its last fiscal year, paid out more than $27,000,000 
for additional facilities and equipment, or at the rate of over 
$6,000 per mile of its entire system, and during that period 
built no new lines whatever. This rate of expenditure, if 
applied to the 245,000 miles of American railroads, would make 
the enormous aggregate of $1,470,000,000, and if we assume 
that the Baltimore and Ohio needs were perhaps greater than 
the average—which may or may not be so—and reduce the 
amount one half, we still have over $735,000,000—a sum well 
above the minimum mentioned. In this connection we may 
well consider the words of one of the able members of the 
Interstate Commerce Commission, who said: 

“We can provide by legislation the sort of cars 
which a railroad shall use, and the rates which it 


7 


shall impose; we cannot by legislation force one 
single dollar of private capital into railroad 
investment against its will.” 

The problem then, which confronts the railroads at the 
present time is, where, and by what means, is to be obtained 
the great amount of new capital needed to provide the addi¬ 
tional facilities and new mileage necessary to properly meet 
the requirements of a growing country—and when finally 
obtained, how will the additional obligations for interest or 
dividends be met? We rather choose the ills we have than 
fly to those we know not of. In the past the railroads have 
generally been able to raise new capital when needed, because 
such investments as they offered, were supposed to include a 
reasonable promise of possible large reward. Today the situa¬ 
tion is changed. There is little, if any ground under existing 
conditions for hope of large reward in connection with rail¬ 
road investments, and even the stability of moderate returns 
is frequently questioned. When the people decided to exercise 
their right to regulate,—by law provided, they took upon them¬ 
selves at the same time, the responsibilities attending the exercise of 
that right. There can be no evasion of the responsibility accom¬ 
panying the exercise of power. 

Doubtless the railroads were guilty of many, if not all, of 
the things with which they were charged. Their managers 
were human and subject to the usual human limitations, but 
granting to be true all that was urged against them, the roads 
are necessary and their development must go on if the country 
is to grow as we hope and expect it will. It is a matter of 
general belief, however, that during the last two or three 
years railroad development has failed to keep pace with the 
general growth of industrial capacity. What then, with 
all this in mind, had best be done? What remedy, if any, is 
there to suggest? I should feel that I had fallen far short of 
what might properly be expected of me, if, after pointing out 
the difficulties which I believe to exist, I failed to suggest a 
possible solution. While the situation, as I view it, is serious, 
it is by no means hopeless. 

Private capital in the past, plus the hope of large reward, 
which hope, however, was frequently without foundation, has 
given the American people the greatest and most effective 
transportation system in the world. The American railroad 


8 


is the largest single industry in the United States next to 
agriculture, and it has done what no other American industry 
has done—it has manufactured and sold its output—that is, 
transportation—cheaper than is done in any other country in 
the world, and at the same time has paid to its employes wages 
from two to three times as high as are paid for similar work 
in any other country, and its capitalization, which is fre¬ 
quently criticized, is less than $60,000 per mile as compared 
with: 

England. $275,040 

Belgium. 169,806 

France. 139,390 

Austria. i 12,879 

Germany. 109,788 

The figures I have used are all a matter of public record and 
can be easily confirmed. 

What has been done, can be done again. The same spirit 
and enterprise which produced the railroads as we have them 
today, will, under favorable conditions, keep them abreast of 
the requirements of the future. The men in charge of the 
railroad properties at the present time have nearly all worked 
their way up slowly from the ranks. They are not ignorant 
of the changed conditions, nor are they unmindful of the 
responsibilities resting upon them as quasi-public servants. 
They appreciate fully the opportunities afforded them by their 
position, to be useful to the people and communities served by 
the properties with which they are connected. But who can 
blame them—who can criticize, if in view of all I have said, 
they hesitate to recommend expenditures which would add 
largely to capital liabilities, while feeling uncertain about their 
ability to meet the increased charges?—a different course 
would properly mark them as unworthy of their trust. The 
remedy which I have in mind rests upon no other foundation 
than the inherent fairness of the American people. 

As I have previously shown, public opinion which was almost 
wholly adverse to the railroads a few years ago, is now clearly 
in favor of a more liberal treatment of the carriers. The people, 
I believe, are beginning to recognize that a policy, based upon 
ample and efficient transportation facilities, with such rates 
and conditions as will permit the roads to pursue a liberal, but 
not extravagant, program of maintenance and expansion, is 







9 


much better for the country as a whole than a policy which is 
bound to result eventually in a lack of facilities and all that the 
term implies. 

The situation is not unlike a quarrel between two friends— 
each of whom is willing to make up but waits for the other to 
speak first. Perhaps the above simile is not unhappily chosen. 
The carriers and the people are and should be friends. In the 
past the railroad has not only gone shoulder to shoulder with 
the pioneer, but has frequently beckoned him on. The prosperity 
of the Railroad is indissolubly bound to and connected with 
the prosperity of the Public—what injures one must injure the 
other, and what helps one, benefits the other. 

If my simile of the quarrel was aptly chosen, who better 
could act the part of peace-makers than the distinguished 
Governors who have honored us with their presence this even¬ 
ing? Who can estimate the weight of influence exercised by 
such a body of men and for such a purpose? Let them send 
first, if they please, for those who can speak for the roads and 
ask them if the statements I have made concerning the situation 
are true. If the answer is “No,” then I have been mistaken*, 
and my fears are groundless. If the answer is “Yes,” then I 
submit there is no more important duty confronting a chosen 
servant of the people than that of informing himself concerning 
all the facts, and then using such influence as he may possess 
to bring about such an understanding as will allay the feeling 
of doubt and uncertainty which rests upon the railroad man¬ 
agers today, and which serves to chill initiative and discourage 
enterprise. The people, I believe, are willing that the roads 
should be treated fairly. The carriers have accepted the 
situation, but cannot make bricks without straw. 

I trust I have at least made clear my reason for speaking 
as I have upon such an occasion as this. I well understand 
that my words, if considered at all, will only have weight 
insofar as they are found to be in accordance with the facts— 
the truth will prevail. 

I desire especially to extend my congratulations to the 
honored Governor of this State for his success in bringing about 
this conference. I hope it will be productive of much good. 




























































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